Michelin: credit rating upgraded by Fitch

(CercleFinance.com) - Michelin said Friday that Fitch Ratings had upgraded its long-term Issuer Default Rating (IDR) from 'A-' to 'A', with a stable outlook, a decision that 'reflects Michelin's strong free cash flow generation despite challenging destination markets'.


The agency also points to one of the strongest business profiles among its peers, 'with revenues coming primarily from replacement demand and a diversified footprint that mitigates threats from price wars and industry cycles'.

The tire manufacturer recalls that it was previously the subject of another long-term rating upgrade by Moody's, from 'A3 with a stable outlook' to 'A2 with a stable outlook'.

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